The Rise of Africa’s Wealthy Elite (Part 1)

In the aftermath of the 2008 financial crisis, global fortunes continued to rise until the past two years, when military conflicts, rampant inflation, and a slowdown in international markets affected the global economy. Nonetheless, Africa's affluent have proven their robustness and resilience amidst these turbulences. This is highlighted by two parallel reports: the 14th edition of the Global Wealth Report, which annually assesses the state of the "global wealth pyramid" based on individuals' net worth, and the 9th edition of the annual "Africa Wealth Report 2024", published in late April by the British financial analysis firm Henley & Partners, focusing on the wealth held by African magnates.

Both studies reveal that Africans with assets of at least one million dollars will see their wealth increase by 65% over the next decade. Some cities on the continent are wealthier than others. According to Henley & Partners, Johannesburg remains the richest city on the continent (with 12,300 millionaires), followed by Cape Town in South Africa. In other parts of the continent, such as Kigali, the capital of Rwanda, Windhoek, the epicenter of Namibia, Tangier and Marrakech in Morocco, and Nairobi in Kenya, the number of millionaires is expected to rise by over 85% in the next ten years.